Africa’s richest man and President of the Dangote Group, Aliko Dangote, says he plans to invest more than $10 billion in Africa’s power sector over the next three to four years as part of efforts to address the continent’s electricity deficit.
Dangote made the announcement in an interview with Al Jazeera, saying reliable electricity is critical to Africa’s economic growth and industrial development.
He said the planned investment could involve redirecting funds from other business ventures, including a possible decision to cancel one or two planned businesses, such as steel, and channel the funds into power generation.
He said the planned investment could involve redirecting funds from other business ventures, including a possible decision to cancel one or two planned businesses, such as steel, and channel the funds into power generation.
Dangote also highlighted the scale of Africa’s electricity challenge, noting that more than 600 million people across the continent still lack access to electricity.
According to him, expanding reliable power supply is essential to unlocking economic growth, arguing that “we will never, ever create growth without power.”
Dangote said he expects a major transformation across Africa within the next three to four years, with investment in electricity infrastructure forming a key part of that transformation.
